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Comfort Systems USA (FIX) stock

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NYSE: FIX NYSE Construction & Engineering Next results ~January 21, 2027

B+ Fundamentals grade

Comfort Systems USA is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$610

Cash-flow model

Base case. Range ~$470–$780 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 50% below it.

Price used: $1200.14, November 2, 2026

Comfort Systems USA valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Comfort Systems USA files

10-Q filed October 22: Comfort Systems USA

Model value +37.1%

Revenue for the twelve months to September 2026 reached $5.27bn, a fall of 36.6% on the prior year. That decline eased from the -48.5% recorded a quarter earlier, though it still ranks the company 932 of 934 for growth across our coverage. Margins told a different story. Free cash flow margin climbed to 46.3% from 9.6% a year earlier, while the operating margin widened to 18.8% from 13.4%. On the back of this, our model value moves up from $440 to $602 a share. The shares trade at $1,279, well above that figure. The rating stays Sell.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Comfort Systems USA stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.96bn, down 48.5% on a year earlier, faster than -60.9% a quarter earlier. That puts it 930 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 54.6% from 7.3% a year earlier. Operating margin widened to 18.8% from 12.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $438 a share, against a share price of $1,407.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Comfort Systems USA's trailing-twelve-month revenue fell 36.6% year on year, with a free-cash-flow margin of 46.3%. Where it stands out: free-cash-flow margin of 46.3% ranks 1 of 43 construction & engineering companies we cover. Where it lags: revenue growth of -36.6% ranks 43 of 43 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$610 per share in the base case (~$470–$780 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 205.6% while net income grew 94.8%: a 111pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.4 points on a year ago.
  • Strong cash generation. 46.3% of revenue turned into free cash flow, against a median of 2.3% for construction & engineering companies we cover.
  • Net cash. Cash exceeds long-term debt by $2.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 9.7% over 90 days.

Things to watch

  • Priced above our value. The share price of $1,200.14 is 50% above our value per share of $610.
  • Revenue shrinking. Revenue fell 36.6% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 2.6 against the S&P 500.
  • Insiders selling. 11 insiders sold $172M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$13.91 against an average estimate of $12.85: beat by 8.2%
Revenue
$3.77bn, up 53.7% on a year earlier
Share reaction
-17.2% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $14.03

Comfort Systems USA's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week-3.5%
  • 1 month-30.5%
  • This year+28.8%
  • 1 year+24.5%
  • 5 years+1184.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.3B
Operating margin
18.8%
Net margin
30.9%
EPS (TTM, diluted)
$46.30

Growth

Revenue growth
−36.6%
Change in growth rate
+11.9 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$2.4B
FCF margin
46.3%
Stock pay % of revenue
0.7%

Earnings

Last results
October 22, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Our research
  4. Our research
  5. Our research
  6. Results
  7. Leadership
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Announcement
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Comfort Systems USA valuation models and calculator

What the price is pricing in

The share price implies about 18.2% a year of cash-flow growth for five years.That is faster than the 11.4% a year revenue growth Comfort Systems USA has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in18.2%
  • Last 12 months-36.6%
  • 3 years a year2.0%
  • 5 years a year11.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1262.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$610
Price used
$1262.00close November 3, 2026
Implied change
▼ 52%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Comfort Systems USA's free cash flow after stock-based pay with after-tax interest added back ($1B, FY2026 Q3 TTM), growing 4% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$470–~$780 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Comfort Systems USA's free cash flow after stock-based pay ( $1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Comfort Systems USA as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.5 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$610 ~$470–$780 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$930 ~$810–$1300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$530 ~$390–$720 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$380 ~$340–$430 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$610 ~$380–$930 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Comfort Systems USA with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $483$634$834$1098$1441$1886
8.5% $384$493$637$826$1071$1387
10% $324$408$519$664$850$1090

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.57$31.42$41.52$41.82$48.13$51.37$97.07$113.55$203.96$421.96$931.96$1200.14
Market value$1.0bn$1.2bn$1.6bn$1.6bn$1.8bn$1.9bn$3.5bn$4.1bn$7.3bn$15.1bn$33.0bn$42.3bn
+ Net debt (− = net cash)−$44m−$29m$24m$31m$176m$181m$329m$199m−$161m−$482m−$837m−$2.1bn
Enterprise value$962m$1.2bn$1.6bn$1.6bn$2.0bn$2.1bn$3.9bn$4.3bn$7.2bn$14.6bn$32.2bn$40.2bn
Multiples
Price / sales 0.6x0.7x0.9x0.7x0.7x0.7x1.2x1.0x1.4x2.1x18.0x8.0x
Price / earnings 20.4x18.3x28.3x13.9x15.6x12.6x24.7x16.6x22.6x28.9x32.3x25.9x
Price / free cash flow 13.1x17.5x19.9x13.1x16.2x7.2x22.4x16.2x13.4x20.5x32.0x17.3x
EV / EBITDA 9.1x9.7x13.3x9.3x10.4x9.5x17.8x14.9x15.7x18.3x118.5x37.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Comfort Systems USA's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 8.9% of total assets over 6 years.

  • Pricing power 7 / 20

    Gross margin has been a median 20.0%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 6.6%; its worst year was 5.8%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.5% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $51.01 +77% $13.7bn +51%
Next $65.86 +29% $17.1bn +24%

Next year's EPS estimate has moved +9.7% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.2% on 90 days ago. In the last 30 days, 7 analysts raised Comfort Systems USA's forecast and 0 cut it.

Consensus EPS forecast Comfort Systems USA, last 90 days
$45.00 $50.00 $55.00 $60.00 $65.00 $70.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $48.93 Current fiscal year, 60 days ago: $48.97 Current fiscal year, 30 days ago: $48.97 Current fiscal year, 7 days ago: $49.03 Current fiscal year, Now: $51.01 $51.01 Next fiscal year, 90 days ago: $60.04 Next fiscal year, 60 days ago: $60.18 Next fiscal year, 30 days ago: $60.18 Next fiscal year, 7 days ago: $60.22 Next fiscal year, Now: $65.86 $65.86

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $48.93$60.04
60 days ago $48.97$60.18
30 days ago $48.97$60.18
7 days ago $49.03$60.22
Now $51.01$65.86

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $12.85 $13.91 +8.2%
Jun 2026 $10.46 $12.53 +19.9%
Mar 2026 $6.81 $10.51 +54.4%
Dec 2025 $6.75 $9.37 +38.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Comfort Systems USA's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

Our model doesn't use the consensus here: consensus revenue is defined differently from reported revenue (4.97x last year's): not used.

Analyst recommendations

10 analysts, Oct 2026
Buy990%
Hold110%
Sell00%

Monthly trend

  1. Oct 20269110
  2. Sep 20269110
  3. Aug 2026819

Counts of recommendations published by analysts covering Comfort Systems USA, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.14
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
1.1%
of shares
Employees
22,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.5%

$963.61 on October 31, 2025 to $1200.14

ThenNowEffect
Revenue (last 12 months) $7.7bn $4.0bn −48.5%
Net margin 9.0% 36.2% +302.4%
P/E multiple 49.6x 29.5x −40.4%
Share count 36m 35m +0.9%

Biggest factor: net margin.

Last 3 years +545.2%

$186.01 on November 3, 2023 to $1200.14

ThenNowEffect
Revenue (last 12 months) $4.7bn $4.0bn −15.9%
Net margin 5.2% 36.2% +600.4%
P/E multiple 27.4x 29.5x +7.6%
Share count 36m 35m +1.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FIX+89%+17%+80%+107%+121%+29%
Industry peers (median)+38%−8%+43%+47%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FIX75%42%83%75%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FIX−20%−24%−19%−16%−46%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from November 8, 2018 to April 21, 2020. Getting back needed a 99% gain, reached on January 7, 2021, 261 days after the low.

Price behaviour

52-week range
$874.94 – $2065.44
From 52-week high
−41.9%
vs 50-day average
−22.7%
vs 200-day average
−25.2%
Volatility (1 year)
57%
Beta vs S&P 500
2.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.0%
After a week
7 up, 5 down
typical move ±12.0%
After a month
9 up, 2 down
typical move ±16.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −17.2% −1.7% −5.4% —
July 23, 2026 −3.2% −1.1% −5.2% −7.5%
April 23, 2026 +0.1% +0.4% +6.7% +6.1%
February 19, 2026 +10.8% +0.5% +9.0% +2.9%
October 23, 2025 +24.1% +1.4% +21.8% +13.1%
July 24, 2025 +25.7% +0.5% +28.4% +25.9%
April 24, 2025 +11.7% +2.8% +17.5% +32.7%
February 20, 2025 −8.0% −2.1% −9.9% −10.9%
October 24, 2024 −10.1% +0.2% −5.1% +19.3%
July 25, 2024 +3.3% +0.6% +8.9% +13.0%
April 25, 2024 −2.2% +0.6% −0.3% +11.0%
February 22, 2024 +15.4% +2.1% +26.4% +33.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Comfort Systems USA’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.08× the last 60 days’ realised volatility , richer than 29% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

FIX Comfort Systems USA Grade B+ $1,205.81

Own 100 shares, sell the $1,400 call expiring December 18, 2026 (46 days) for $35.00 a share — $3,500 per contract.

Previous session · Bid $35.00, ask $44.80, quoted Mon 2 Nov, 17:23 New York time with FIX at $1,205.81. Option prices move with the shares: check the live chain at your broker before trading.

  • If FIX ends below $1,400: you keep your shares and the $3,500 — 2.9% extra on the position, 23.0% a year at that pace.
  • If it ends above $1,400: your shares are sold at $1,400, a total return of 19.0% including the premium — at or above our value of ~$610.
$22.9k $0 −$23.4k Break-even $1,170.81 Price $1,205.81 ← Our value ~$610
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$3,500
Annualised
23.0%
Break-even
$1,170.81
Max gain
$22,919.49
Chance of selling
~29%

Collar

Own the shares, buy the $1,100 put and sell the $1,400 call, both expiring December 18, 2026 (46 days).

  • Net cost of $30.20 a share ($3,020 per contract of 100 shares).
  • Worst case at expiry: -11.3%, if the shares fall below $1,100 (-8.8% from today).
  • Best case at expiry: +13.6%, if the shares rise above $1,400 (+16.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $610: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Comfort Systems USA in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Comfort Systems USA
$0 $5B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.2B Revenue (TTM), FY24 Q1: $5.6B Revenue (TTM), FY24 Q2: $6.1B Revenue (TTM), FY24 Q3: $6.5B Revenue (TTM), FY24 Q4: $7B Revenue (TTM), FY25 Q1: $7.3B Revenue (TTM), FY25 Q2: $7.7B Revenue (TTM), FY25 Q3: $8.3B Revenue (TTM), FY25 Q4: $1.8B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $4B Revenue (TTM), FY26 Q3: $5.3B $5.3B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.2B
FY24 Q1 $5.6B
FY24 Q2 $6.1B
FY24 Q3 $6.5B
FY24 Q4 $7B
FY25 Q1 $7.3B
FY25 Q2 $7.7B
FY25 Q3 $8.3B
FY25 Q4 $1.8B
FY26 Q1 $2.9B
FY26 Q2 $4B
FY26 Q3 $5.3B
Revenue growth, TTM YoY Comfort Systems USA
-100% -50% 0% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 25.8% Revenue growth, TTM YoY, FY24 Q1: 25.7% Revenue growth, TTM YoY, FY24 Q2: 29.2% Revenue growth, TTM YoY, FY24 Q3: 31.2% Revenue growth, TTM YoY, FY24 Q4: 35.0% Revenue growth, TTM YoY, FY25 Q1: 31.5% Revenue growth, TTM YoY, FY25 Q2: 26.3% Revenue growth, TTM YoY, FY25 Q3: 27.7% Revenue growth, TTM YoY, FY25 Q4: -73.9% Revenue growth, TTM YoY, FY26 Q1: -60.9% Revenue growth, TTM YoY, FY26 Q2: -48.5% Revenue growth, TTM YoY, FY26 Q3: -36.6% -36.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 25.8%
FY24 Q1 25.7%
FY24 Q2 29.2%
FY24 Q3 31.2%
FY24 Q4 35.0%
FY25 Q1 31.5%
FY25 Q2 26.3%
FY25 Q3 27.7%
FY25 Q4 -73.9%
FY26 Q1 -60.9%
FY26 Q2 -48.5%
FY26 Q3 -36.6%
Operating margin (TTM) Comfort Systems USA
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.0% Operating margin (TTM), FY24 Q1: 8.7% Operating margin (TTM), FY24 Q2: 9.5% Operating margin (TTM), FY24 Q3: 9.9% Operating margin (TTM), FY24 Q4: 10.7% Operating margin (TTM), FY25 Q1: 11.2% Operating margin (TTM), FY25 Q2: 12.2% Operating margin (TTM), FY25 Q3: 13.4% Operating margin (TTM), FY25 Q4: 11.4% Operating margin (TTM), FY26 Q1: 17.0% Operating margin (TTM), FY26 Q2: 18.8% Operating margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.0%
FY24 Q1 8.7%
FY24 Q2 9.5%
FY24 Q3 9.9%
FY24 Q4 10.7%
FY25 Q1 11.2%
FY25 Q2 12.2%
FY25 Q3 13.4%
FY25 Q4 11.4%
FY26 Q1 17.0%
FY26 Q2 18.8%
FY26 Q3 18.8%
FCF margin (TTM) Comfort Systems USA
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.5% FCF margin (TTM), FY24 Q1: 10.0% FCF margin (TTM), FY24 Q2: 10.2% FCF margin (TTM), FY24 Q3: 11.0% FCF margin (TTM), FY24 Q4: 10.5% FCF margin (TTM), FY25 Q1: 6.9% FCF margin (TTM), FY25 Q2: 7.3% FCF margin (TTM), FY25 Q3: 9.6% FCF margin (TTM), FY25 Q4: 56.3% FCF margin (TTM), FY26 Q1: 48.3% FCF margin (TTM), FY26 Q2: 54.6% FCF margin (TTM), FY26 Q3: 46.3% 46.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.5%
FY24 Q1 10.0%
FY24 Q2 10.2%
FY24 Q3 11.0%
FY24 Q4 10.5%
FY25 Q1 6.9%
FY25 Q2 7.3%
FY25 Q3 9.6%
FY25 Q4 56.3%
FY26 Q1 48.3%
FY26 Q2 54.6%
FY26 Q3 46.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,129 1,064 1,217 1,331 1,357 1,411 1,581 1,634 1,788 2,183 2,615 2,857 3,074 4,140 5,207 7,027 1,831 5,273
Gross profit 226 190 182 208 240 250 318 344 366 446 502 547 563 742 991 1,476 403 1,415
EBITDA 67 43 −30 34 58 56 106 120 119 173 188 219 217 287 457 798 271 1,067
Operating income 57 31 −43 22 46 42 90 102 99 150 164 191 188 254 418 749 209 990
Net income 34 15 −37 13 27 23 49 65 55 113 114 150 143 246 323 522 1,023 1,632
Diluted EPS $0.89 $0.39 −$0.99 $0.36 $0.73 $0.61 $1.30 $1.72 $1.47 $3.00 $3.08 $4.09 $3.93 $6.82 $9.01 $14.60 $28.88 $46.30
Growth (year on year)
Revenue — −5.8% +14.4% +9.4% +2.0% +3.9% +12.0% +3.4% +9.4% +22.1% +19.8% +9.2% +7.6% +34.7% +25.8% +35.0% −73.9% −36.6%
EBITDA — −36.0% −170.4% — +69.2% −3.1% +89.6% +12.8% −0.2% +44.9% +8.9% +16.2% −0.8% +32.6% +58.8% +74.7% −66.0% −8.9%
Operating income — −44.5% −235.6% — — −8.7% +113.3% +12.8% −2.3% +51.4% +8.9% +16.5% −1.2% +34.7% +64.8% +79.1% −72.1% −11.2%
Net income — −56.9% — — — −15.4% — +31.5% −14.8% +104.3% +1.3% +31.3% −4.5% +71.6% +31.5% +61.5% +95.7% +94.8%
Diluted EPS — −56.2% — — — −16.4% — +32.3% −14.5% +104.1% +2.7% +32.8% −3.9% +73.5% +32.1% +62.0% +97.8% +96.3%
Margins
Gross margin 20.0% 17.9% 14.9% 15.6% 17.7% 17.7% 20.1% 21.0% 20.5% 20.4% 19.2% 19.1% 18.3% 17.9% 19.0% 21.0% 22.0% 26.8%
EBITDA margin 5.9% 4.0% −2.5% 2.6% 4.3% 4.0% 6.7% 7.3% 6.7% 7.9% 7.2% 7.7% 7.1% 6.9% 8.8% 11.3% 14.8% 20.2%
Operating margin 5.0% 3.0% −3.5% 1.7% 3.4% 3.0% 5.7% 6.2% 5.6% 6.9% 6.3% 6.7% 6.1% 6.1% 8.0% 10.7% 11.4% 18.8%
Net margin 3.0% 1.4% −3.0% 1.0% 2.0% 1.6% 3.1% 4.0% 3.1% 5.2% 4.4% 5.3% 4.7% 5.9% 6.2% 7.4% 55.8% 30.9%
Free-cash-flow margin 4.0% 2.4% 1.7% 1.4% 1.5% 1.7% 4.9% 4.2% 4.4% 5.5% 4.2% 9.2% 5.1% 6.1% 10.5% 10.5% 56.3% 46.3%
Cash flow
Cash from operations 54 32 30 31 38 43 98 91 114 147 142 287 180 302 640 849 1,186 3,007
Capital spending 9 7 9 12 17 19 21 23 35 27 32 24 22 48 95 111 155 566
Free cash flow 45 25 21 19 21 23 77 68 79 120 110 262 158 253 545 738 1,031 2,441
Stock-based pay 3 4 4 3 4 5 6 5 6 7 6 7 11 11 13 17 22 35
Free cash flow after stock pay 41 21 17 16 17 19 71 63 72 113 104 255 147 243 532 721 1,010 2,406
Balance sheet
Cash 128 86 51 41 52 32 56 32 37 46 51 55 59 57 205 550 982 2,158
Total debt 0 0 15 7 2 40 12 3 61 77 226 236 388 256 44 68 145 50
Net debt (negative = net cash) −128 −86 −36 −33 −50 8 −44 −29 24 31 176 181 329 199 −161 −482 −837 −2,108
Diluted shares 38m 38m 37m 37m 38m 38m 38m 38m 38m 38m 37m 37m 36m 36m 36m 36m 35m 35m
Returned to shareholders
Dividends 7 8 8 7 8 8 9 10 11 12 15 15 17 20 30 43 69 106
Buybacks 13 5 7 3 2 8 8 13 9 29 20 30 27 38 21 58 216 438
Total returned 20 13 15 10 10 16 18 23 20 41 34 46 44 58 52 101 285 543

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $9.8bn
Short-term assets $6.8bnLonger-term assets $3.0bn
What it owes, and who funded it · $9.8bn
Short-term liabilities $5.9bnLonger-term liabilities $558mShareholders' equity $3.3bn
  • Short-term assets cover short-term liabilities $6.8bn of assets due within a year against $5.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.8bn short-term assets against $558m of longer-dated liabilities.
  • More cash than debt $2.2bn of cash against $50m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $50m of debt.
  • Operating profit covers interest at least five times over Operating income of $990m against $8m of interest.

From Comfort Systems USA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$438M
Dividends (TTM)
$106M
Returned to shareholders
22%
of free cash flow
Buybacks, last 3 fiscal years
$295M
Diluted share count
−0.7%
year over year
Total shareholder yield
1.3%
dividends 0.3% + buybacks 1.0% of market value
Dividend payout ratio
7%
of net income paid out
Sales & admin spending
8.2%
of revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated FIX GVA STN TPC MYRG STRL Median
Revenue, last 12 months $5.3bn $5.3bn $5.8bn $5.9bn $4.3bn $4.3bn $1.5bn
Revenue growth, last 12 months −36.6% 25.1% 6.5% 24.7% 22.8% 93.1% 21.2%
Revenue growth, 3-year average 2.0% 16.4% — 16.4% 7.2% 30.6% 11.3%
Revenue growth, latest quarter 53.7% 23.2% — 19.2% 32.5% 127.0% 26.9%
Gross margin 26.8% 16.1% 42.4% 11.5% 13.0% 23.8% 13.0%
Operating margin 18.8% 7.5% — 4.5% 6.1% 18.2% 4.1%
Operating margin, 3-year average 14.0% 6.0% — 1.6% 4.0% 15.3% 5.4%
Net margin 30.9% −5.0% 5.9% 2.1% 4.5% 12.9% 1.9%
Cash from operations / revenue 57.0% 11.0% 10.6% 13.4% 5.8% 14.2% 4.4%
Free-cash-flow margin 46.3% 8.4% 8.8% 10.4% 3.2% 10.9% 2.3%
Free-cash-flow margin, 3-year average 22.3% 8.0% 7.2% 10.1% 2.8% 15.2% 5.5%
Stock pay / revenue 0.7% 0.9% 0.5% 2.5% 0.4% 0.7% 0.7%
Change in share count −0.7% −6.9% 0.0% 2.2% −1.0% 0.5% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth -36.6% 21.2% 43 of 43
Change in growth rate Growth +11.9pp +3.2pp 10 of 43
Gross margin Profitability 26.8% 11.8% 6 of 39
Operating margin Profitability 18.8% 4.1% 3 of 39
Net margin Profitability 30.9% 2.1% 2 of 42
Free-cash-flow margin Cash generation 46.3% 2.3% 1 of 43
Stock pay as % of revenue Cash generation 0.7% 0.7% 17 of 33
Long-term debt as % of assets Balance sheet 0.4% 16.2% 5 of 35
Change in share count Balance sheet -0.7% 1.9% 11 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
New Construction $5.8B 63.2% ▲ 44.4%
Existing Building Construction $2.1B 23.3% ▲ 8.9%
Service Calls Maintenance and Monitoring $662M 7.3% ▲ 5.2%
Service Projects $569M 6.2% ▲ 21.3%
Products and services
Line of business Revenue Share YoY
Mechanical $6.7B 73.3% ▲ 20.7%
Electrical $2.4B 26.7% ▲ 61.9%

From Comfort Systems USA's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$64.5B
Institutions reporting
1,346
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
230 / 81

Top buyers and sellers, Q2 2026: 723 institutions bought and 566 sold ; the biggest buyer was Massachusetts Financial Services Co (+221K shares) and the biggest seller Westfield Capital Management Co LP (−265K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.7B 3.4M 10.4% ▼ 3.3%
Vanguard Capital Management LLC $4.6B 2.3M 7.1% ▲ 0.5%
Vanguard Portfolio Management LLC $3.7B 1.9M 5.7% ▼ 0.8%
FMR LLC $3.3B 1.7M 5.1% ▲ 14.5%
State Street Corp $3B 1.5M 4.7% ▲ 4.4%
Geode Capital Management, LLC $2.3B 1.2M 3.5% ▼ 7.0%
AQR Capital Management LLC $2.1B 1.1M 3.2% ▼ 5.1%
Jpmorgan Chase & Co $1.6B 838K 2.5% ▼ 5.8%
Capital World Investors $1.4B 720K 2.2% ▼ 16.8%
Invesco Ltd. $1.3B 658K 2.0% ▲ 8.5%
Norges Bank $935M 472K 1.4% —
Morgan Stanley $852M 430K 1.3% ▼ 6.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Comfort Systems USA's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $172M 26 trades by 11 insiders · 0% under pre-set plans
Net ▼ $172M net selling
Insider Date Trade Shares Price Value
Lane Brian E. CHIEF EXECUTIVE OFF. August 26, 2026 Sell 16,024 $1608.21 $25.8M
George William Iii CHIEF FINANCIAL OFFICER August 17, 2026 Sell 2,554 $1859.65 $4.7M
Myers Franklin Director August 11, 2026 Sell 4,000 $1693.92 $6.8M
Myers Franklin Director August 10, 2026 Sell 3,500 $1690.47 $5.9M
Myers Franklin Director June 24, 2026 Sell 6,700 $1954.47 $13.1M
Hardy Rhoman J Director May 27, 2026 Sell 342 $1900.08 $649,827
Shaeff Julie CHIEF ACCOUNTING OFFICER May 11, 2026 Sell 1,123 $2000.37 $2.2M
George William Iii CHIEF FINANCIAL OFFICER May 11, 2026 Sell 1,000 $2020.96 $2M
George William Iii CHIEF FINANCIAL OFFICER May 8, 2026 Sell 4,000 $1948.17 $7.8M
Myers Franklin Director May 7, 2026 Sell 4,500 $1902.57 $8.6M
Lane Brian E. CHIEF EXECUTIVE OFF. May 5, 2026 Sell 11,113 $1969.84 $21.9M
Mercado, Pablo G. Director April 30, 2026 Sell 500 $1779.78 $889,890

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Comfort Systems USA shares.

  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded December 4, 2025, filed January 7, 2026
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded December 4, 2025, filed January 7, 2026
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • February 19, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Comfort Systems USA was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Comfort Systems USA in brief

What does Comfort Systems USA do?
Comfort Systems USA is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Comfort Systems USA's stock ticker?
Comfort Systems USA trades under the ticker FIX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Comfort Systems USA's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Comfort Systems USA reported revenue of $5.3B, 36.6% lower than a year earlier, according to its SEC filings.
What is Comfort Systems USA's free cash flow?
Comfort Systems USA's free-cash-flow margin is 46.3% of revenue over the trailing twelve months, ranking 1 of the 43 construction & engineering companies we cover.
What is Comfort Systems USA's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Comfort Systems USA's free cash flow after stock-based pay gives ~$610 per share in the base case, and ~$470–$780 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Comfort Systems USA's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Comfort Systems USA buying back stock, and does it pay a dividend?
Comfort Systems USA spent $438M on share repurchases over the trailing twelve months, and its diluted share count fell 0.7% over the year.
What is Comfort Systems USA's market cap?
On November 2, 2026, Comfort Systems USA's market capitalisation was about $42.3B, with a price-to-earnings ratio of 25.9 and net debt of -$2.1B. Market figures come from third-party market data and may be delayed.
Does Comfort Systems USA pay a dividend?
Yes: Comfort Systems USA paid $106M in dividends over the trailing twelve months, a dividend yield of 0.25% and a payout ratio of 6.5%.
How much debt does Comfort Systems USA have?
Comfort Systems USA's debt-to-equity ratio is 1.5%, from its latest balance sheet (46.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Comfort Systems USA's competitors?
In our Construction & Engineering peer group, the companies closest to Comfort Systems USA are Granite Construction Inc, Stantec Inc, Tutor Perini Corp, MYR Group Inc. and Sterling Infrastructure, Inc. The side-by-side comparison below sets their revenue, margins and growth against Comfort Systems USA's.
Are insiders buying or selling Comfort Systems USA stock?
Over the last 12 months, Comfort Systems USA's directors and officers reported 0 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is Comfort Systems USA's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Comfort Systems USA announces its own schedule.